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Goals
L01: Why the management of knowledge professionals and knowledge itself are so
critical in todays organizations
Knowledge Economy: An economy where wealth is created through the effective
management of knowledge workers instead of by the efficient control of physical and
financial assets
Intellectual Capital: The difference between the market value of the firm and the
book value of the firm, including assets such as reputation, employee loyalty and
commitment, customer relationships, company values, brand names, and the
experience and skills of employees
Intellectual Capital = Market Value of Firm Book Value of the Firm
How do companies create value in the knowledge-intensive economy? The general
answer is to attract and leverage human capital effectively through mechanisms that
create products and services of value over time
Human Capital: The individual capabilities, knowledge, skills, and experience
of a companys employees and managers
Social Capital: The network of friendships and working relationships between
talented people both inside and outside the organization
Third is knowledge, which comes in two forms:
o Explicit Knowledge: Knowledge that is codified, documented, easily
reproduced, and widely distributed
o Tacit Knowledge: Knowledge that is in the minds of employees and is
based on their experiences and backgrounds
Organizations must undergo significant efforts to protect their human capital
May diversify the ownership of vital knowledge by emphasizing teamwork
Guarding against obsolescence by developing learning programs
Shackling key people with golden handcuffs
People are less likely to leave an organization if there are effective structures to:
Promote teamwork and information sharing
Strong leadership that encourages innovation
Cultures that demand excellence and ethical behavior
L03: The key role of social capital in leveraging human capital within and across the
firm
Social capital (friendships and working relationships among talented
individuals) ties knowledge workers to a given firm
o Knowledge workers exhibit greater loyalties to their colleagues and
their profession than their employing organization, which may be an
amorphous, distant, and sometimes threatening entity
o If employees are working effectively in teams and sharing their
knowledge and learning from each other, not only will they be more
likely to add value to the firm, but they also will be less likely to leave
the organization, because loyalties and social ties that they develop
over time
How social capital helps attract and retain talent
o Pied Piper Effect teams or networks of people are leaving one
company for another
Trend is to recruit job candidates at the crux of social
relationships in organizations
Process is referred to as hiring via personal networks